financing used bikes
Thread Starter
Joined: Dec 2004
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From: Hobe Sound, Florida, Martin
financing used bikes
a friend of mine wants to get rid of his bike and i want to refinance it. the main problem is that the finance companys that do refinancing require insurence (i'm in florida so insurence is not mandintory) and the finance company that finances the bike for suzuki doesn't require insurence.
anyone know who would finance it without insurence?
anyone know who would finance it without insurence?
Junior Member
Joined: May 2004
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From: Alameda, CA, USA
Re: financing used bikes (turbo_smallblockchevy)
i would not suggest trying to finance a bike without insuring it. because it if were to get wrecked or stolen you would still have to pay off the bike.
Joined: Dec 2003
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From: Vancouver, BC
Re: financing used bikes (2.2XDreams)
Yeh bad idea....
If you put it down or get in an accident, your going to be making payments on a bike that doesnt exist, on top of all your other bills....
to riding without insurance.
If you put it down or get in an accident, your going to be making payments on a bike that doesnt exist, on top of all your other bills....
to riding without insurance.
New User
Joined: Mar 2001
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Re: financing used bikes (04Gixxer7K)
Insurance companies want to protect their investments. In the worst case scenerio, if you die in an accident and don't carry insurance, your lender can get screwed. They won't take that chance.
Honda-Tech Member
Joined: May 2003
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From: MN
Re: financing used bikes (Bud)
Agreed.
If you cant afford insurance on a bike, mandatory or not, you shouldnt be riding one.
When you do go down on the bike, your medical bills, and repair or rest of loan bills will be far worse than the monthly or annually insurance cost.
If you cant afford insurance on a bike, mandatory or not, you shouldnt be riding one.
When you do go down on the bike, your medical bills, and repair or rest of loan bills will be far worse than the monthly or annually insurance cost.
My Name is Nobody
Joined: Jul 2005
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From: Las Vegas, NV
Re: financing used bikes (turbo_smallblockchevy)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by turbo_smallblockchevy »</TD></TR><TR><TD CLASS="quote">a friend of mine wants to get rid of his bike and i want to refinance it. the main problem is that the finance companys that do refinancing require insurence (i'm in florida so insurence is not mandintory) and the finance company that finances the bike for suzuki doesn't require insurence.
anyone know who would finance it without insurence?</TD></TR></TABLE>
our mommy
anyone know who would finance it without insurence?</TD></TR></TABLE>
our mommy
Honda-Tech Member
Joined: Aug 2005
Posts: 2,695
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From: I miss the east coast, TX, USA
Definately a bad idea. I have a friend who just paid off his 01 R1 so now he can buy another bike. Too bad his 01 was stolen summer of 01 and never recovered. Don't even consider it if you can't pay the insurance man, it will work out soo much worse in the long run.
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Re: financing used bikes (Schubeedoobee)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Schubeedoobee »</TD></TR><TR><TD CLASS="quote">
our mommy </TD></TR></TABLE>
our mommy
</TD></TR></TABLE>
AIRBORNE
Joined: Sep 2002
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From: Napa, CA
Re: financing used bikes (.Ash)
financing or not .. insurance is a good idea.
take it from a guy who didn't have insurance, got into an accident that wasn't his fault and was still blamed for it .. and is now in a lawsuit ... with over $40,000 in medical bills, a totalled bike, and ... well u get the idea.
just get it.
take it from a guy who didn't have insurance, got into an accident that wasn't his fault and was still blamed for it .. and is now in a lawsuit ... with over $40,000 in medical bills, a totalled bike, and ... well u get the idea.
just get it.
Joined: Aug 2004
Posts: 423
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From: Seattle, WA
he didnt have to carry insurance when he bought it becuase financing thru some dealers is more like a credit card, an unsecured line of credit. a traditional auto loan uses a lien on the car/bike as collateral, giving you a lower rate becuase the loan is then a secured line of credit. the lienholder then requires thier collateral to be isured in case you wreck it and default on the loan.
so unless he can transfer the debt to you without refinancing, or you put the purchase on an line of credit that does not involve a lien on the bike, such as a credit card, personal loan, or home equity loan, you will have to carry insurance.
so unless he can transfer the debt to you without refinancing, or you put the purchase on an line of credit that does not involve a lien on the bike, such as a credit card, personal loan, or home equity loan, you will have to carry insurance.
Junior Member
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From: NOVA, usa
Re: financing used bikes (turbo_smallblockchevy)
from duckz___
1st, if you are buying a bike from someone else, you are not refinancing it, you are just financing it. someone refinances a loan by getting another loan to pay off one they already have in their name.
2nd, does florida not require any insurance at all, or just liability? in VA you only need liability. My bike cost $5000, a 2002 R6. My quotes for full coverage, i.e. my bike would be replaced if i was in an accident that was my fault, bike was stolen etc., was $4500 a year. Now what kind of ******* sense does that make. And liability only was $350/year. So **** it, I financed to have some extra money in my pocket and I'm young and still building credit, and motorcycle/auto loans are a good way to do that. If I wreck the bike or its gets stolen I will just pay off the loan balance and prob. go get another bike :-P
1st, if you are buying a bike from someone else, you are not refinancing it, you are just financing it. someone refinances a loan by getting another loan to pay off one they already have in their name.
2nd, does florida not require any insurance at all, or just liability? in VA you only need liability. My bike cost $5000, a 2002 R6. My quotes for full coverage, i.e. my bike would be replaced if i was in an accident that was my fault, bike was stolen etc., was $4500 a year. Now what kind of ******* sense does that make. And liability only was $350/year. So **** it, I financed to have some extra money in my pocket and I'm young and still building credit, and motorcycle/auto loans are a good way to do that. If I wreck the bike or its gets stolen I will just pay off the loan balance and prob. go get another bike :-P
Thread Starter
Joined: Dec 2004
Posts: 60
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From: Hobe Sound, Florida, Martin
thank you smokee your post accually was contributing something.
mrbojangles in florida insurence is not required... at all, you have much of the mentality that i have.
i have full coverage on my car. i cant justify paying 500+ a month for insurence expecially when that is more than i pay for the gsx-r, car insurence and incidentals for both and my cbr (basically 1 tire a month, plus oil changes, routine maintance ect)
i put about 15k miles on this year, and i'm well
aware of the consequences or riding without insurence...
mrbojangles in florida insurence is not required... at all, you have much of the mentality that i have.
i have full coverage on my car. i cant justify paying 500+ a month for insurence expecially when that is more than i pay for the gsx-r, car insurence and incidentals for both and my cbr (basically 1 tire a month, plus oil changes, routine maintance ect)
i put about 15k miles on this year, and i'm well
aware of the consequences or riding without insurence...
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